Reduce chances of Loan Application Rejection by checking the Eligibility
A personal loan is a collateral-free loan, which means that you are not required to put anything as a security against the loan amount. Hence, this puts the bank in a fragile position. They evaluate your profile based on various criteria such as the net monthly income, credit score, etc. In this Axis Bank, a personal loan eligibility calculator can help you.
Tips to improve Personal Loan Eligibility
A personal loan comes with an interest rate that allows you for the timely loan repayment. Here are the few points which may help you to boost the personal loan eligibility.
1. Maintenance of a Good Credit Score
For every lender, a credit score is one of the priorities in the loan approval process. If you have a good credit score for a constant period, then the lenders consider will look you as a credible borrower which increases your eligibility for the personal loan.
- Settlement of all Previous Credits
Whenever you apply for a personal loan, try that there are no previous pending loans. As, if you have other loans to pay for, then it affects your loan repayment capacity which becomes a risk for a lender. So always try to settle all the loans before going for a new one.
- Choose Long Repayment Tenure
Longer loan repayment tenure increases your loan eligibility. As it reflects that you can repay the loan for a certain period in the future. ICICI personal loan eligibility calculator can also be used for calculating and planning the EMIs.
- Pay the Credit Card Bills on Time
Duly payment of the credit card bills reflects that you are disciplined and responsible when it comes to making the payments of the credit. This can boost your loan eligibility.
EMI is an amount payable every month to repay the loan in a tenure. It is always advisable to not apply for a loan without getting proper information about the monthly EMI. EMI calculator allows you to accomplish the EMI calculation without even stepping out of your home and within a few seconds.
There are many EMI calculators available online and the Axis Bank EMI calculator is among them. It is free of cost. You must be amazed that something is serving you without asking for a single penny. With the addition of trendy technologies, the EMI calculator is user-friendly. Simple enough to use, this online tool puts you one step ahead of your loan processing and that is before you apply for a loan.
Here are the most important factors of using the EMI calculator before availing a loan amount.
- Loan Repayment Tenure
You can know the best suited and perfect loan tenure from the calculator. If you want to pay a large number of EMIs to reduce the interest rate, then your tenure of the loan would be longer and vice-versa. You can alter the value and number of EMIs to ensure that you choose the perfect tenure of the loan possible.
- Interest Rate
The interest rate is among the most important aspects of a loan. However, interest is based on various factors including EMIs and loan repayment tenure. Since you can determine the best EMI and tenure of the loan from the calculator, you will be able to know the affordable interest rate by altering the value until you are satisfied.
- Eligibility for Loan Amount
By using PNB EMI Calculator you can find out whether you are eligible for the loan or not. Since the calculator requires information such as monthly or annual income, you will be able to find out whether you can avail the required loan amount or not.
- Customizable
All the values in the EMI calculator are customizable, you can alter the values till you get the desired and best result. Therefore, it will help you in availing the perfect loan amount for you with the best possible values.
Loan applications can be rejected for a number of reasons, but there are a few things you can do to reduce the chances of your application being rejected. Follow these tips and you'll be on your way to a successful Loan application.
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